Using Multi-Criteria Optimization in Decision Support under Risk
The chapter presents an extension of a previous method for decision support under risk. The decision-making process is modeled by a multi-criteria optimization problem, in which the individual evaluation functions represent the results of decisions in several possible scenarios with associated risks. The decision support method is an interactive decision-making process. The choice is made by solving the problem depending on the control parameters that define the aspirations of the decision maker as well as on an evaluation of the obtained solutions. The decision maker selects a set of parameters representing various risks’ impacts that influences a solution, and then he/she evaluates the obtained solution by accepting or rejecting it. In another case, the decision maker selects a new value and the problem is solved again for the new parameter. In this chapter, an example of supporting decision-making under risk is presented.